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LBO Model Sample Template

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Leveraged buyout model for BMC
$ mm except per share

GENERAL INPUTS
Company name BMC
Ticker (if applicable) BMC
Current share price (if applicable) 45.42
Latest closing share price date (f applicable) 5/6/2013
Circuit breaker: OFF

SELECT FINANCIAL DATA / ASSMUPTIONS


EBITDA (LTM) 882.7
Gross Debt (input as a -) (1,306)
Cash 1,582
Minimum cash desired 180
EV / LTM EBITDA multiple at exit 7.3x

USES OF FUNDS
Buyout of equity 6,741.9
Refinancing of oldco debt 1,306.0
Fees (transaction & financing) 204.5
Total Uses 8,252.5

SOURCES OF FUNDS
EBITDA turns $ investment
Excess cash 1.59x 1,401.9
Revolver 0.00x 0.0
Term Loan A 3.27x 2,886.4
Term Loan B 0.76x 670.9
Senior Note 1.85x 1,633.0
Sub Note 0.00x 0.0
Preferred stock 0.00x 0.0
Mgmt rollover 0.00x 0.0
Sponsor equity 1.88x 1,660.3
Total Sources 9.35x 8,252.5

x INCOME STATEMENT
Fiscal year 2011A 2012A 2013A
Fiscal year end date 3/31/11 3/31/12 3/31/13

Revenue 2,065.3 2,172.0 2,201.4


Cost of sales (enter as -) (485.2) (568.9) (592.0)
Gross Profit 1,580.1 1,603.1 1,609.4
Research & development (enter as -) (181.6) (165.2) (174.6)
Selling, general & administrative (enter as -) (865.7) (894.0) (969.4)
Deal-related D&A (enter as -)
Operating profit (EBIT) 532.8 543.9 465.4
Interest income 15.0 10.6 8.3
Interest expense (enter as -) (19.8) (23.3) (47.8)
Other non-operating expense (enter as -) 3.3 (1.2) 2.0
Pretax profit 531.3 530.0 427.9
Taxes (enter expense as -) (75.1) (129.0) (96.9)
Net income 456.2 401.0 331.0

EBITDA reconciliation
EBIT (GAAP) 532.8 543.9 465.4
Depreciation and amortization 190.0 224.6 229.0
Deal-related D&A
Stock based compensation 106.5 127.2 147.4
Restructuring and other nonrecurring charges 14.3 10.8 40.9
EBITDA 843.6 906.5 882.7

Growth rates & margins


Revenue growth 5.2% 1.4%
Gross profit as % of sales 76.5% 73.8% 73.1%
R&D margin 8.8% 7.6% 7.9%
SG&A margin 41.9% 41.2% 44.0%
Tax rate 14.1% 24.3% 22.6%
SBC as % of all operating expenses 6.9% 7.8% 8.5%

WORKING CAPITAL
Fiscal year 2012A 2013A
Fiscal year end date 3/31/12 3/31/13

Accounts receivable, EOP 484.8 443.7


AR as % of sales 22.3% 20.2%
Other current assets, EOP 195.1 213.1
Other current assets as % of sales 9.0% 9.7%
Accounts payable, EOP 32.7 42.1
AP as % of COGS 5.7% 7.1%
Accrued expenses & def revenues, EOP 2,313.3 2,301.7
As % of sales 106.5% 104.6%

Net Working Capital (1,666.1) (1,687.0)

LONG LIVED ASSETS


Fiscal year 2011A 2012A 2013A
Fiscal year end date 3/31/11 3/31/12 3/31/13
PP&E 87.8 85.2
Capital expenditures 22.0 26.5 24.5
Depreciation (39.1) (37.8) (38.7)
Capex as a % of revenue 1.1% 1.2% 1.1%
Depreciation as a % of capex 177.7% 142.6% 158.0%

Software development costs 244.7 271.4


Purchases 115.8 132.5 129.6
Amortization (75.7) (93.6) (108.5)
Purchases as % of revenue 5.6% 6.1% 5.9%
Amortization as a % of purchases 65.4% 70.6% 83.7%

Intangible assets 257.5 189.8


Purchases 0.0 0.0 0.0
Amortization (79.1) (97.7) (86.9)

Goodwill and other assets 1,940.3 1,935.2

Other liabilities 232.4 252.0

CASH FLOW STATEMENT


Fiscal year
Fiscal year end date

Net income
Depreciation and amortization
Deal-related D&A
Stock based compensation
Changes in net working capital
Other assets & liabilities
Changes in deferred tax liabilities
Addback of PIK interest
Cash from operating activities

Capital expenditures
Purchases of intangible assets and capitalized software development costs
Cash from investing activities

Required debt principal payments


Preferred dividend (cash)
Pre-revolver cash flows
Revolver
Post-revolver cash flows
Discretionary Term A paydown
Discretionary Term B paydown
Net change in cash during period

CASH & DEBT


Fiscal year 2011A 2012A 2013A
Fiscal year end date 3/31/11 3/31/12 3/31/13

Cash, BOP
Increases / (decreases)
Cash, EOP 1,635.6 1,581.9
Interest rate on cash 0.65% 0.52%
Interest income 10.6 8.3

Revolver
Cash, BOP
Less: Minimum cash desired
Equals: Excess cash at BOP
Plus: Free cash flows generated during period
Cash available (needed) to paydown (draw from) revolver

Revolver, BOP
Increases / (decreases)
Revolver, EOP % AR % Other Assets
Maximum availability 80% 65%
Compliance check

Term Loan A
Term Loan A, BOP
Mandatory paydown $
Cash sweep (paydown from excess cash flows)
Term Loan A, EOP
Mandatory paydown (% of original) % of available cash used
Cash sweep 100%

Term Loan B
Term Loan B, BOP
Mandatory amortization $
Cash sweep (paydown from excess cash flows)
Term Loan B, EOP
Mandatory paydown (% of original) % of available cash used
Cash available for cash sweep 100%

Senior Note
Senior Note, BOP
Mandatory amortization $
Senior Note, EOP
Mandatory paydown (% of original)

Sub Note
Sub Note, BOP
Mandatory amortization $ PIK rate Cash rate
PIK interest 4% 8%
Sub Note, EOP
Mandatory paydown (% of original)

Preferred stock
Preferred stock, BOP
PIK accrual
Preferred stock, EOP PIK rate Cash rate
Cash dividend 4% 8%

Capitalized financing fees


Capitalized financing fees, BOP
Amortization
Capitalized financing fees, EOP

INTEREST EXPENSE
Fiscal year 2011A 2012A 2013A
Fiscal year end date 3/31/11 3/31/12 3/31/13

3-Month LIBOR Rate (bps)


LIBOR Spread LIBOR floor Coupon Rate
Revolver L + 4% 0.0%
Term Loan A L + 4% 1.0%
Term Loan B L + 4% 0.0%
Senior Note 8.125%
Sub Note - Cash interest 8.000%
Sub Note - PIK interest 4.000%

EXIT VALUATION

EBITDA multiple at exit Step


EBITDA at exit 0.5x
Enterprise value
Net debt:
Revolver
Term Loan A
Term Loan B
Senior Note
Sub Note
Pref. stock
Cash
Equity value Initial equity inv. % ownership Fully diluted
Sponsor equity 1,660.3 100.0% 100.0%
Mgmt equity 0.0 0.0% 0.0%
Pref. stock 0.0%
Sub. Note 0.0%

RETURNS
Cash-on-cash IRR Initial
Revolver NM 0% 0.0
Term Loan A 1.15x 5% (2,886.4)
Term Loan B 1.23x 5% (670.9)
Senior Note 1.41x 8% (1,633.0)
Sub Note at exit EBITDA multiple of:
6.3x NM 0% 0.0
6.8x NM 0% 0.0
7.3x NM 0% 0.0
7.8x NM 0% 0.0
8.3x NM 0% 0.0
Preferred Stock at exit EBITDA multiple of:
6.3x NM 0% 0.0
6.8x NM 0% 0.0
7.3x NM 0% 0.0
7.8x NM 0% 0.0
8.3x NM 0% 0.0
Management Equity at exit EBITDA multiple of:
6.3x NM 0% 0.0
6.8x NM 0% 0.0
7.3x NM 0% 0.0
7.8x NM 0% 0.0
8.3x NM 0% 0.0
Sponsor's Equity at exit EBITDA multiple of:
6.3x 3.43x 28% (1,660.3)
6.8x 3.80x 31% (1,660.3)
7.3x 4.17x 33% (1,660.3)
7.8x 4.54x 35% (1,660.3)
8.3x 4.91x 37% (1,660.3)

SUMMARY AT 7.3x EXIT EBITDA MULTIPLE

Revolver
Term Loan A
Term Loan B
Senior Note
Sub Note
Preferred stock
Mgmt rollover
Sponsor equity
Total

SENSITIVITY ANALYISIS

Actual
Sponsor Hurdle Rate (Minimum IRR) 33.05% 15.00%
Offer value 6,741.9 8,523
Diluted shares outstanding 146 146
Offer value / per share 46.25 58.47
% Premium / discount 2% 29%

Enterprise value 6,466 8,247


EV / LTM EBITDA multiple 7.3x 9.3x

Sponsor IRR At Var


Highlight IRR > EXPLICIT EBITDA (APPR
30.00%
33%
7.00x
Initial 7.25x
EBITDA 7.50x
Multiple: 7.75x
8.00x

Sponsor IRR At V
EXPLICIT OFFER PRICE / SHARE

33%
$45.00
Initial 45.25
Offer 45.50
Price: 45.75
46.00

Sponsor IRR @

33%
0%
Preferred 2%
Equity 4%
Kicker: 6%
8%

PRO FORMA BALANCE SHEET ADJUSTMENTS

2012A
3/31/12
Cash 1,635.6
Accounts receivable, EOP 484.8
Other current assets, EOP 195.1
PP&E 87.8
Software development costs 244.7
Intangible assets 257.5
Goodwill and other assets 1,940.3
Total Assets 4,845.8

Accounts payable, EOP 32.7


Accrued expenses & def revenues, EOP 2,313.3
Other liabilities 232.4
Debt 821.6
Total Liabilities 3,400.0

LBO Preferred stock NM


Equity 1,445.8
Total equity 1,446
Balance check 0.0

PRO FORMA BALANCE SHEET


Fiscal year 2011A 2012A
Fiscal year end date 3/31/11 3/31/12
Cash 1,635.6 1,581.9
Accounts receivable, EOP 484.8 443.7
Other current assets, EOP 195.1 213.1
PP&E 87.8 85.2
Software development costs 244.7 271.4
Intangible assets 257.5 189.8
Goodwill and other assets 1,940.3 1,935.2
Total Assets 4,845.8 4,720.3

Accounts payable, EOP 32.7 42.1


Accrued expenses & def revenues, EOP 2,313.3 2,301.7
Other liabilities 232.4 252.0
Debt 821.6 1,306.0
Total Liabilities 3,400.0 3,901.8
LBO Preferred stock NM NM
Equity 1,445.8 818.5
Total equity 1,445.8 818.5
Balance check 0.0 0.0

Equity, BOP
Plus: Net income
Less: Dividends
Plus: SBC
Equity, EOP

Purchase price allocation

Select a tax type: Stock sale


Select an accounting type: LBO

Purchase price allocation


Book value of equity 818.5 Input write-up Useful life
PP&E write up 300.0 300.0 10 yrs
Intangible asset write up 200.0 200.0 15 yrs
Total write-ups 500.0
DTLs created 113.2
Fari market value 1,205.3

Purchase price 6,742


Goodwill 5,537

Deal related GAAP accounting adjustments

PP&E Incremental dep: 30.0


Intangible assets Incremental amort: 13.3
Deferred tax liabilities Annual reduction: 9.8
INITIAL VALUATION

Select a valuation approach: Approach 2 Approach 1 Approach 2


Explicit offer/share Explicit EBITDA Explicit offer/share

LTM EBITDA 883 883 883


EV / LTM EBITDA 7.3x 7.3x 7.3x
Enterprise value 6,466 6,444 6,466

Less: Gross Debt (latest filing) (1,306) (1,306) (1,306)


Plus: Cash (latest filing) 1,582 1,582 1,582

Offer value 6,742 6,720 6,742


Diluted shares outstanding 145.8 145.8 145.8

Offer value / per share 46.25 46.10 46.25


% Premium / discount 1.8% 1.5% 1.8%

FEES
% fees Fee Term Fee amort / year
Financing fees
Revolver 1.0% 0.0 5 yrs 0.0
Term Loan A 1.5% 43.3 7 yrs 6.2
Term Loan B 1.5% 10.1 7 yrs 1.4
Senior Note 1.0% 16.3 8 yrs 2.0
Sub Note 0.0% 0.0 NM
Financing fees 69.7 9.7

% of offer value Fee


Trans. fees 2.0% 134.8

2014P 2015P 2016P 2017P 2018P


3/31/14 3/31/15 3/31/16 3/31/17 3/31/18

2,278.4 2,403.8 2,548.0 2,675.4 2,803.8


(581.6) (601.6) (624.9) (642.8) (659.6)
1,696.9 1,802.2 1,923.1 2,032.6 2,144.2
(184.8) (194.9) (206.6) (217.0) (227.4)
(965.4) (994.5) (1,028.6) (1,053.3) (1,075.8)
(53.0) (53.0) (53.0) (53.0) (53.0)
493.7 559.8 634.8 709.3 788.0
0.9 0.9 0.9 0.9 0.9
(296.9) (276.0) (256.9) (231.0) (192.5)
0.0 0.0 0.0 0.0 0.0
197.7 284.8 378.8 479.3 596.4
(44.8) (64.5) (85.8) (108.5) (135.1)
152.9 220.3 293.0 370.7 461.3

493.7 559.8 634.8 709.3 788.0


223.9 220.6 222.4 224.2 223.0
53.0 53.0 53.0 53.0 53.0
161.1 162.1 163.7 163.6 162.9
16.0 5.0 5.0 0.0 0.0
947.7 1,000.5 1,078.9 1,150.1 1,226.9

Step
3.5% 5.5% 6.0% 5.0% 4.8%
74.5% 75.0% 75.5% 76.0% 76.5% 0.5%
8.1% 8.1% 8.1% 8.1% 8.1% 0.0%
42.4% 41.4% 40.4% 39.4% 38.4% (1.0%)
22.6% 22.6% 22.6% 22.6% 22.6% 0.0%
9.3% 9.1% 8.8% 8.6% 8.3% (0.3%)

2014P 2015P 2016P 2017P 2018P


3/31/14 3/31/15 3/31/16 3/31/17 3/31/18

459.2 484.5 513.6 539.2 565.1


20.2% 20.2% 20.2% 20.2% 20.2%
220.6 232.7 246.7 259.0 271.4
9.7% 9.7% 9.7% 9.7% 9.7%
41.4 42.8 44.4 45.7 46.9
7.1% 7.1% 7.1% 7.1% 7.1%
2,382.3 2,513.3 2,664.1 2,797.3 2,931.6
104.6% 104.6% 104.6% 104.6% 104.6%

(1,743.8) (1,838.9) (1,948.3) (2,044.8) (2,141.9)

2014P 2015P 2016P 2017P 2018P


3/31/14 3/31/15 3/31/16 3/31/17 3/31/18
73.1 63.4 56.5 53.1 53.1
26.0 28.0 30.0 29.0 31.0
(38.1) (37.7) (37.0) (32.4) (31.0) Smoothing?
1.1% 1.2% 1.2% 1.1% 1.1% Yes
146.4% 134.8% 123.2% 111.6% 100.0% (12%)

286.5 297.6 305.2 309.4 309.4


116.0 114.0 116.0 128.0 135.0
(100.9) (102.9) (108.4) (123.8) (135.0) Smoothing?
5.1% 4.7% 4.6% 4.8% 4.8% Yes
87.0% 90.2% 93.5% 96.7% 100.0% 3%

189.8 189.8 189.8 189.8 189.8


85.0 80.0 77.0 68.0 57.0
(85.0) (80.0) (77.0) (68.0) (57.0)

1,935.2 1,935.2 1,935.2 1,935.2 1,935.2

252.0 252.0 252.0 252.0 252.0

2014P 2015P 2016P 2017P 2018P


3/31/14 3/31/15 3/31/16 3/31/17 3/31/18

152.9 220.3 293.0 370.7 461.3


223.9 220.6 222.4 224.2 223.0
53.0 53.0 53.0 53.0 53.0
161.1 162.1 163.7 163.6 162.9
56.8 95.1 109.4 96.5 97.2
0.0 0.0 0.0 0.0 0.0
(9.8) (9.8) (9.8) (9.8) (9.8)
0.0 0.0 0.0 0.0 0.0
637.9 741.2 831.7 898.1 987.6

(26.0) (28.0) (30.0) (29.0) (31.0)


(201.0) (194.0) (193.0) (196.0) (192.0)
(227.0) (222.0) (223.0) (225.0) (223.0)

(322.2) (177.9) (177.9) (177.9) (177.9)


0.0 0.0 0.0 0.0 0.0
88.7 341.3 430.9 495.3 586.7
0.0 0.0 0.0 0.0 0.0
88.7 341.3 430.9 495.3 586.7
(88.7) (341.3) (430.9) (495.3) (586.7)
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0

2014P 2015P 2016P 2017P 2018P


3/31/14 3/31/15 3/31/16 3/31/17 3/31/18

180.0 180.0 180.0 180.0 180.0


0.0 0.0 0.0 0.0 0.0
180.0 180.0 180.0 180.0 180.0
0.52% 0.52% 0.52% 0.52% 0.52%
0.9 0.9 0.9 0.9 0.9

180.0 180.0 180.0 180.0 180.0


(180.0) (180.0) (180.0) (180.0) (180.0)
0.0 0.0 0.0 0.0 0.0
88.7 341.3 430.9 495.3 586.7
88.7 341.3 430.9 495.3 586.7

0.0 0.0 0.0 0.0 0.0


0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
350.0 350.0 350.0 350.0 350.0
OK OK OK OK OK

2,886.4 2,509.0 2,023.4 1,448.2 808.6


288.6 144.3 144.3 144.3 144.3
88.7 341.3 430.9 495.3 586.7
2,509.0 2,023.4 1,448.2 808.6 77.5
10% 5% 5% 5% 5%
88.7 341.3 430.9 495.3 586.7

670.9 637.3 603.8 570.2 536.7


33.5 33.5 33.5 33.5 33.5
0.0 0.0 0.0 0.0 0.0
637.3 603.8 570.2 536.7 503.1
5% 5% 5% 5% 5%
0.0 0.0 0.0 0.0 (0.0)

1,633.0 1,633.0 1,633.0 1,633.0 1,633.0


0.0 0.0 0.0 0.0 0.0
1,633.0 1,633.0 1,633.0 1,633.0 1,633.0
0% 0% 0% 0% 0%

0.0 0.0 0.0 0.0 0.0


0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0% 0% 0% 0% 0%

0.0 0.0 0.0 0.0 0.0


0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0

69.7 60.0 50.4 40.7 31.0


(9.7) (9.7) (9.7) (9.7) (9.7)
60.0 50.4 40.7 31.0 21.4

2014P 2015P 2016P 2017P 2018P


3/31/14 3/31/15 3/31/16 3/31/17 3/31/18

49 83 135 184 221

0.0 0.0 0.0 0.0 0.0


134.9 113.3 92.8 65.9 27.5
29.4 30.0 31.4 32.3 32.3
132.7 132.7 132.7 132.7 132.7
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0

43190Assumed exit on -409mmmm d, yyyy

6.3x 6.8x 7.3x 7.8x 8.3x


1,226.9 1,226.9 1,226.9 1,226.9 1,226.9
7,729.3 8,342.7 8,956.2 9,569.6 10,183.1

0.0 0.0 0.0 0.0 0.0


77.5 77.5 77.5 77.5 77.5
503.1 503.1 503.1 503.1 503.1
1,633.0 1,633.0 1,633.0 1,633.0 1,633.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
(180.0) (180.0) (180.0) (180.0) (180.0)
5,695.6 6,309.1 6,922.5 7,535.9 8,149.4
5,695.6 6,309.1 6,922.5 7,535.9 8,149.4
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0

2014P 2015P 2016P 2017P 2018P


0.0 0.0 0.0 0.0 0.0
512.3 599.0 668.0 705.6 836.1
62.9 63.5 64.9 65.9 569.0
132.7 132.7 132.7 132.7 1,765.7

0.0 0.0 0.0 0.0 0.0


0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0


0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0


0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 5,695.6


0.0 0.0 0.0 0.0 6,309.1
0.0 0.0 0.0 0.0 6,922.5
0.0 0.0 0.0 0.0 7,535.9
0.0 0.0 0.0 0.0 8,149.4

Financing % of Total Capital % FD Ownership Cash-on-cash Expected IRR


0.0 0.0% NM 0.0%
2,886.4 42.1% 1.15x 4.5%
670.9 9.8% 1.23x 5.1%
1,633.0 23.8% 1.41x 8.1%
0.0 0.0% 0.0% NM 0.0%
0.0 0.0% 0.0% NM 0.0%
0.0 0.0% 0.0% NM 0.0%
1,660.3 24.2% 100.0% 4.17x 33.1%
6,850.6 100.0% 100.0%

Offer Price / Share At Various Sponsor Hurdle Rates


20.00% 25.00% 30.00% 35.00% 40.00%
7,864 7,350 6,946 6,625 6,369
146 146 146 146 146
53.95 50.42 47.65 45.45 43.69
19% 11% 5% 0% (4%)

7,588 7,074 6,670 6,350 6,093


8.6x 8.0x 7.6x 7.2x 6.9x

Sponsor IRR At Various Leverage And Initial EBITDA Multiple Sensitivity


EXPLICIT EBITDA (APPROACH 1) MUST BE SELECTED FOR DATA TABLE TO APPEAR
Term A / EBITDA ratio (other cumulative leverage of 2.6x)
3.00x 3.25x 3.50x 3.75x 4.00x
30.7% 32.9% 35.5% 38.8% 43.0%
30.7% 32.9% 35.5% 38.8% 43.0%
30.7% 32.9% 35.5% 38.8% 43.0%
30.7% 32.9% 35.5% 38.8% 43.0%
30.7% 32.9% 35.5% 38.8% 43.0%

Sponsor IRR At Various Leverage And Offer Price / Share Sensitivity


T OFFER PRICE / SHARE (APPROACH 2) MUST BE SELECTED FOR DATA TABLE TO APPEAR
Term A / EBITDA ratio (other cumulative leverage of 2.6x)
3.00x 3.25x 3.50x 3.75x 4.00x
33.4% 36.0% 39.2% 43.4% 48.8%
32.8% 35.3% 38.4% 42.4% 47.5%
32.3% 34.7% 37.7% 41.4% 46.3%
31.7% 34.1% 36.9% 40.5% 45.1%
31.2% 33.5% 36.2% 39.6% 44.0%

Sponsor IRR @ Preferred & Sub Note Equity Kicker Sensitivity


Sub Note Equity Kicker
0% 2% 4% 6% 8%
33.1% 32.5% 32.0% 31.4% 30.9%
32.5% 32.0% 31.4% 30.9% 30.3%
32.0% 31.4% 30.9% 30.3% 29.7%
31.4% 30.9% 30.3% 29.7% 29.1%
30.9% 30.3% 29.7% 29.1% 28.5%

Pro forma
2013A Pro forma adjustments 2013
3/31/13 Uses of funds Sources of funds Accounting 3/31/13
1,581.9 (8,252.5) 6,850.6 180.0
443.7 443.7
213.1 213.1
85.2 300.0 385.2
271.4 271.4
189.8 69.7 200.0 459.5
1,935.2 5,536.65 7,471.9
4,720.3 9,424.7

42.1 42.1
2,301.7 2,301.7
252.0 113.2 365.2
1,306.0 (1,306.0) 5,190 5,190.3
3,901.8 7,899.3

NM 0 0.0
818.5 (6,876.8) 1,660 5,923.4 1,525.4
819 1,525.4
0.0 (0.0)

2013A 2014P 2015P 2016P 2017P 2018P


3/31/13 3/31/14 3/31/15 3/31/16 3/31/17 3/31/18
180.0 180.0 180.0 180.0 180.0 180.0
443.7 459.2 484.5 513.6 539.2 565.1
213.1 220.6 232.7 246.7 259.0 271.4
385.2 343.1 303.4 266.5 233.1 203.1
271.4 286.5 297.6 305.2 309.4 309.4
459.5 436.5 413.5 390.5 367.5 344.5
7,471.9 7,471.9 7,471.9 7,471.9 7,471.9 7,471.9
9,424.7 9,397.8 9,383.6 9,374.2 9,360.0 9,345.3

42.1 41.4 42.8 44.4 45.7 46.9


2,301.7 2,382.3 2,513.3 2,664.1 2,797.3 2,931.6
365.2 355.4 345.6 335.8 326.0 316.2
5,190.3 4,779.4 4,260.1 3,651.4 2,978.3 2,213.7
7,899.3 7,558.4 7,161.8 6,695.7 6,147.2 5,508.3
0.0 0.0 0.0 0.0 0.0 0.0
1,525.4 1,839.4 2,221.8 2,678.5 3,212.8 3,837.0
1,525.4 1,839.4 2,221.8 2,678.5 3,212.8 3,837.0
(0.0) 0.0 0.0 0.0 0.0 0.0

1,525.4 1,839.4 2,221.8 2,678.5 3,212.8


152.9 220.3 293.0 370.7 461.3
0.0 0.0 0.0 0.0 0.0
161.1 162.1 163.7 163.6 162.9
1,839.4 2,221.8 2,678.5 3,212.8 3,837.0

2014 2015 2016 2017 2018


3/31/14 3/31/15 3/31/16 3/31/17 3/31/18
270.0 240.0 210.0 180.0 150.0
186.7 173.3 160.0 146.7 133.3
103.4 93.6 83.8 74.0 64.2
Discounted Cash Flow Model for BMC
$ mm except per share

General assumptions
Share price as of last close $46.25
Latest closing share price date 5/6/2013
Latest basic share count 143.973
Weighted average cost of capital 7.0%

Free cash flow buildup


Fiscal year 2011A 2012A 2013A 2014P
Fiscal year end date 3/31/11 3/31/12 3/31/13 3/31/14

EBITDA 844 907 883 948


EBIT 533 544 465 494
tax rate 14.1% 24.3% 22.6% 22.6%
EBIAT (NOPAT) 457 412 360 382

Depreciation and amortization 224


Stock based compensation 161
Changes in net working capital 57
Other assets & liabilities 0
Unlevered CFO 824
Less: Capital expenditures (26)
Less: Purchases of intangible assets (201)
Unlevered FCF 597
% growth

Discount factor 90%


Assume cash flows are generated at: Middle of period
Midperiod adjustment factor 103.4%
Present value of Unlevered FCF 581

Perpetuity approach Exit EBITDA multiple approach


Normalized FCF t+1
870 Terminal year EBITDA
Long term growth rate (g) 0% Terminal value EBITDA multiple
Terminal value 12,440 Terminal value
Present value of terminal value 9,239 Present value of terminal value
Present value of stage 1 cash flows 3,144 Present value of stage 1 cash flows
Enterprise value 12,383 Enterprise value
Implied TV exit EBITDA multiple 10.1x Implied TV perpetual growth rate

Net Debt Fair value per share


Cash & equivalents ST & LT market. securities 180
Long term debt 5,190 Enterprise value
Net debt 5,010 Less: Net debt
Equity value
Cost of capital assumptions Diluted shares
Cost of debt 8.000% Equity value per share
Tax rate 22.6% Premium (discount) to LBO offer
Debt and equivalents 5,010
Debt as a % of total capital 77.5%

Risk free rate 2.5%


Beta 1.45
Market risk premium 5.0%
Equity as % of total capital structure 22.5%
Cost of capital (WACC) 7.0%

Sensitivity analysis

Equity value per share


Long term growth rate (g):
$50.58 2.0% 2.5% 3.0%
13% 16.2 17.7 19.4
12% 21.2 23.1 25.2
WACC: 11% 27.2 29.7 32.5
10% 34.8 38.1 41.8
9% 44.6 49.0 54.3
8% 57.6 64.0 71.7

Equity value per share


Exit EBITDA Multiple
$32.83 6.3x 6.8x 7.3x
13% 15.5 18.0 20.4
12% 17.1 19.7 22.3
WACC: 11% 18.9 21.5 24.2
10% 20.6 23.4 26.2
9% 22.5 25.4 28.3
8% 24.5 27.5 30.5

Equity value per share


Exit EBITDA Multiple
EBITDA % of plan $32.83 6.3x 6.8x
80% 982 47.8 49.9
90% 1,104 51.1 53.4
100% 1,227 54.3 56.9
110% 1,350 57.6 60.4
120% 1,473 60.9 63.9
130% 1,595 1,472.6 1,472.6

Football field

DCF / LBO Football Field


58.5
60.0
55.0 51.1
50.0 46.3
45.0
40.0 45.5
35.0 31.7
30.0 34.8 37.5
25.0
20.0
15.0 20.6
10.0
e ge ate ow
a ng n R /L
R Ra l e h
DA ity rd ig
IT etu
u tH
B rH rk
e
tE rp so a
xi Pe on M
xE 0% Sp ee
k
.3 4.
-8 - 0% W
3x 0% 5. 52
t 6. t 2. -3
ea ea .0%
lu l u 1 5
F Va Va at
F e
DC DC l u
Va
O
LB

Low Diff. High


DCF Value at 6.3x-8.3x Exit EBITDA Range 20.6 11.1 31.7
DCF Value at 2.0%-4.0% Perpetuity Range 34.8 16.3 51.1
LBO Value at 15.0%-35.0% Sponsor Hurdle Rate 45.5 13.0 58.5
52 Week Market High/Low 37.5 8.8 46.3
2015P 2016P 2017P 2018P
3/31/15 3/31/16 3/31/17 3/31/18

1,000 1,079 1,150 1,227


560 635 709 788
22.6% 22.6% 22.6% 22.6%
433 491 549 610

221 222 224 223


162 164 164 163
95 109 96 97
0 0 0 0
911 987 1,033 1,093
(28) (30) (29) (31)
(194) (193) (196) (192)
689 764 808 870
15.4% 10.9% 5.8% 7.6%

190% 290% 390% 490%

626 649 642 646

multiple approach
1,227
e EBITDA multiple 7.3x
8,956
e of terminal value 6,652
e of stage 1 cash flows 3,144
9,796
erpetual growth rate (2.7%)
LBO Offer Perpetuity EBITDA
12,383 9,796
(5,010) (5,010)
6,742 7,373 4,785
145.771 145.771 145.771
$46.25 $50.58 $32.83
count) to LBO offer NM 9.4% (29.0%)

per share
rm growth rate (g):
3.5% 4.0%
21.2 23.3
27.6 30.2
35.6 39.2
46.1 51.1
60.5 67.9
81.2 93.0

per share
EBITDA Multiple
7.8x 8.3x
22.9 25.3
24.8 27.4
26.8 29.5
28.9 31.7
31.2 34.0
33.5 36.5

per share
EBITDA Multiple
7.3x 7.8x
52.0 54.0
55.7 58.1
59.5 62.1
63.3 66.1
67.0 70.1
1,472.6 1,472.6
Diluted shares for BMC
$ mm except per share

Offer price $46.25


Model-derived offer value sanity check $46.25
Basic shares outstanding (latest filing) 144.0
In-the-money exercisable options 10.7
Total proceeds ($mm) 411.7
Total shares repurchased (mm) 8.9
Net dilutive options 1.8
Dilutive impact of shares from other securities 0.0

Net diluted shares outstanding 145.8

Options outstanding
Out. shares Exercise price In-the-$-shares
Tranche 1 0.2 15 0.2
Tranche 2 0.7 18 0.7
Tranche 3 0.1 22 0.1
Tranche 4 0.3 28 0.3
Tranche 5 0.3 32 0.3
Tranche 6 0.4 36 0.4
Tranche 7 1.3 39 1.3
Tranche 8 7.4 42 7.4
Tranche 9 0
Tranche 10 0
10.7
52 week high low

52 week high 46.33


52 week low 37.51

Date Open High Low Close Volume


5/6/2013 45.5 45.71 45.07 45.42 34229100
5/3/2013 45.67 45.77 45.35 45.42 2058200
5/2/2013 45.45 45.49 44.97 45.24 3022300
5/1/2013 45.84 45.96 45.25 45.39 2306800
4/30/2013 45.34 45.52 45.17 45.48 2096700
4/29/2013 45.5 45.7 45.28 45.43 2294400
4/26/2013 45.68 45.86 45.53 45.6 1694700
4/25/2013 45.07 45.83 44.87 45.69 2360900
4/24/2013 45 45.62 44.22 44.9 6814000
4/23/2013 44.05 44.29 43.66 44.13 2856300
4/22/2013 44.08 44.09 43.41 43.88 1078900
4/19/2013 43.56 44.08 43.3 43.86 1367800
4/18/2013 44.21 44.25 43.44 43.75 1451300
4/17/2013 44.51 44.68 43.54 44.03 2156400
4/16/2013 44.59 45.03 44.5 44.88 1223400
4/15/2013 44.9 45 44.32 44.32 1273900
4/12/2013 45.02 45.02 44.65 44.93 1566600
4/11/2013 44.72 45.65 44.53 45.02 4248900
4/10/2013 44.45 44.93 44.37 44.75 2023200
4/9/2013 44.5 44.62 43.98 44.34 1952800
4/8/2013 45.05 45.1 44.42 44.45 1625500
4/5/2013 44.55 45.28 44.03 45.11 1635700
4/4/2013 45.42 45.59 44.93 45.14 1004100
4/3/2013 46.09 46.3 45.07 45.44 1471300
4/2/2013 46.19 46.49 46.03 46.06 1169600
4/1/2013 46.29 46.5 45.87 46.02 1124600
3/29/2013 46.33 46.33 46.33 46.33 0
3/28/2013 45.61 46.48 45.61 46.33 1145800
3/27/2013 45.63 45.92 45.25 45.73 1127000
3/26/2013 45.86 46.18 45.66 45.78 1283100
3/25/2013 45.95 46.05 45.49 45.7 1757200
3/22/2013 45.49 45.93 45.39 45.74 2110000
3/21/2013 43.61 47.98 43.5 45.48 6592300
3/20/2013 44.03 44.45 43.83 43.99 914200
3/19/2013 44.09 44.16 43.4 43.68 1214500
3/18/2013 43.65 44.4 43.56 43.98 1173700
3/15/2013 44.12 44.69 44.09 44.12 2730000
3/14/2013 43.88 44.5 43.83 44.29 2030500
3/13/2013 43.72 44.12 43.62 43.66 1725200
3/12/2013 43 43.77 43 43.72 1969000
3/11/2013 42.88 43.48 42.81 43.4 1858400
3/8/2013 42.46 43.13 42.35 42.91 1595900
3/7/2013 42.2 42.55 42.18 42.33 844600
3/6/2013 42.34 42.63 42.18 42.22 1318300
3/5/2013 41.41 42.77 41.37 42.32 2841500
3/4/2013 40.35 40.88 40.35 40.8 1428200
3/1/2013 39.83 40.69 39.46 40.43 1672500
2/28/2013 40.17 40.62 40.05 40.11 2814900
2/27/2013 40.01 40.53 39.88 40.06 1715200
2/26/2013 40.2 40.27 39.55 40.03 1904600
2/25/2013 40.61 40.9 40.06 40.1 1926800
2/22/2013 40.62 40.74 40.4 40.54 1363200
2/21/2013 41.09 41.2 40.15 40.46 1580100
2/20/2013 41.62 42.13 41.1 41.11 1591200
2/19/2013 41.42 41.79 41.2 41.59 1148200
2/18/2013 41.37 41.37 41.37 41.37 0
2/15/2013 41.29 41.82 41.27 41.37 1437300
2/14/2013 41 41.57 40.92 41.46 1182500
2/13/2013 41.28 41.43 40.97 41.09 1813600
2/12/2013 41.4 41.59 41.17 41.24 1378100
2/11/2013 41.8 41.86 40.94 41.4 2472600
2/8/2013 42 42.46 41.56 41.86 1231600
2/7/2013 41.6 41.98 41.49 41.95 1919200
2/6/2013 41.91 42.17 41.6 41.85 2420600
2/5/2013 41.84 42.25 41.59 42.1 1671600
2/4/2013 41.81 42.21 41.55 41.56 1851700
2/1/2013 41.97 42.44 41.63 42.17 1643200
1/31/2013 41.34 41.95 41.34 41.55 1523700
1/30/2013 41.65 41.85 41.22 41.47 2894600
1/29/2013 40 41.71 40 41.71 4776700
1/28/2013 44.8 44.99 44.42 44.48 1739200
1/25/2013 44.25 44.82 44.1 44.5 1062100
1/24/2013 43.86 44.53 43.85 44.05 993700
1/23/2013 43.73 44.22 43.54 43.91 1443000
1/22/2013 43.7 43.83 43.22 43.36 1117200
1/21/2013 43.81 43.81 43.81 43.81 0
1/18/2013 42.87 43.82 42.87 43.81 2141600
1/17/2013 42.82 42.95 42.65 42.76 995600
1/16/2013 42.61 42.83 42.17 42.62 1140500
1/15/2013 42.25 42.82 42.2 42.65 1545100
1/14/2013 42.49 42.86 42.28 42.64 957400
1/11/2013 42.25 42.76 42.13 42.68 1276800
1/10/2013 42.02 42.41 41.88 42.23 1810400
1/9/2013 41.05 41.95 41.01 41.82 1743400
1/8/2013 40.24 41.08 40.17 40.92 1186000
1/7/2013 40.7 40.9 40.28 40.42 916100
1/4/2013 40.92 41.17 40.72 40.93 818000
1/3/2013 41.04 41.23 40.68 40.76 976000
1/2/2013 40.28 41.09 40.21 41.09 2498700
1/1/2013 39.62 39.62 39.62 39.62 0
12/31/2012 39.56 39.75 39.31 39.62 1433100
12/28/2012 39.72 39.88 39.45 39.56 799400
12/27/2012 40.35 40.39 39.41 39.88 1381500
12/26/2012 40.74 40.97 40.29 40.39 982900
12/25/2012 40.87 40.87 40.87 40.87 0
12/24/2012 40.83 41.04 40.45 40.87 446900
12/21/2012 40.86 41.1 40.29 40.71 2968100
12/20/2012 41.98 42.04 41.79 41.94 1632100
12/19/2012 41.79 42.3 41.69 41.91 2858900
12/18/2012 41.11 41.69 40.82 41.67 2153400
12/17/2012 40.16 41.1 39.99 41.08 2233600
12/14/2012 39.73 40.32 39.61 40.18 995400
12/13/2012 40.68 40.98 39.8 39.89 1573100
12/12/2012 41.59 41.6 40.67 40.8 2112200
12/11/2012 41.3 41.59 40.95 41.53 1884300
12/10/2012 40.51 41.42 40.51 41.42 1126200
12/7/2012 41.01 41.05 40.69 40.81 1099200
12/6/2012 40.22 40.74 40.03 40.73 732200
12/5/2012 40.28 40.38 39.87 40.2 1217500
12/4/2012 40.6 40.74 40.22 40.42 937400
12/3/2012 41.08 41.1 40.54 40.54 861200
11/30/2012 40.95 41.03 40.72 40.96 1196900
11/29/2012 41 41.08 40.63 40.88 1101900
11/28/2012 40.34 40.98 39.93 40.95 1041000
11/27/2012 40.19 41.36 40.02 40.62 1894700
11/26/2012 40.09 40.3 39.79 40.26 1097800
11/23/2012 39.84 40.26 39.64 40.19 318800
11/22/2012 39.68 39.68 39.68 39.68 0
11/21/2012 39.53 39.88 39.48 39.68 536800
11/20/2012 39.58 39.71 39.33 39.56 1292700
11/19/2012 39.29 39.66 39.03 39.59 1018900
11/16/2012 38.89 38.99 38.04 38.73 1214600
11/15/2012 39.33 39.47 38.61 39.01 971800
11/14/2012 39.9 40 39.05 39.26 1222000
11/13/2012 39.92 39.99 39.54 39.74 805800
11/12/2012 40.3 40.32 39.73 40.12 642000
11/9/2012 39.82 40.59 39.82 40.24 972900
11/8/2012 40.94 41.05 39.96 39.98 1022600
11/7/2012 41.25 41.34 40.96 41.08 1507400
11/6/2012 41.21 41.86 41.19 41.55 2564300
11/5/2012 40.7 41.16 40.67 41.06 1298300
11/2/2012 41.11 41.34 40.97 41.04 1719300
11/1/2012 41.5 41.72 40.5 40.98 3891600
10/31/2012 41.02 41.74 40.49 40.7 1588900
10/30/2012 40.98 40.98 40.98 40.98 0
10/29/2012 40.98 40.98 40.98 40.98 0
10/26/2012 41.02 41.58 40.71 40.98 884200
10/25/2012 41.54 41.74 41.16 41.47 647800
10/24/2012 41.5 41.76 41.03 41.38 1233600
10/23/2012 40.77 41.63 40.35 41.53 1707300
10/22/2012 41.89 41.89 40.49 41.02 2081800
10/19/2012 41.12 41.27 40.24 40.34 1029700
10/18/2012 41.19 41.46 40.89 41.1 1115600
10/17/2012 41.59 41.74 41.05 41.13 1319000
10/16/2012 41.44 42.17 41.23 42.02 1311300
10/15/2012 42 42.2 41.14 41.49 1611200
10/12/2012 42.51 42.78 42.31 42.55 837300
10/11/2012 42.15 42.52 41.94 42.43 1319100
10/10/2012 42.46 42.58 41.91 41.96 1936500
10/9/2012 43.17 43.24 42.22 42.45 1101300
10/8/2012 43.19 43.54 43.05 43.28 712200
10/5/2012 43.67 43.79 43.2 43.34 1280300
10/4/2012 43.41 43.62 42.9 43.39 1049700
10/3/2012 43.45 43.81 42.97 43.34 1345100
10/2/2012 43 44.06 42.95 43.48 2710800
10/1/2012 41.88 45 41.22 42.85 6330500
9/28/2012 41.43 41.75 41.18 41.49 751200
9/27/2012 41.53 41.86 41.1 41.67 1022700
9/26/2012 41.91 41.92 41.26 41.33 1287500
9/25/2012 42.73 42.87 41.78 41.85 1204400
9/24/2012 42.51 42.99 42.38 42.68 862200
9/21/2012 42.83 43.09 42.51 42.79 3561100
9/20/2012 42.71 43 42.65 42.83 671700
9/19/2012 43 43.48 42.85 42.94 737300
9/18/2012 43.6 44.2 42.99 43.09 1080200
9/17/2012 43.2 43.25 42.71 42.99 769600
9/14/2012 42.95 43.42 42.76 43.09 920600
9/13/2012 42.7 43.24 42.37 42.96 785600
9/12/2012 42.81 42.95 42.49 42.67 769900
9/11/2012 42.59 43 42.07 42.76 896400
9/10/2012 43.08 43.16 42.52 42.7 1323600
9/7/2012 43.34 43.48 43.11 43.33 856800
9/6/2012 42.36 43.61 42.29 43.49 1710200
9/5/2012 41.86 42.24 41.74 42.18 1323100
9/4/2012 41.43 42.13 41.31 42 1093100
9/3/2012 41.4 41.4 41.4 41.4 0
8/31/2012 41.46 41.82 41.07 41.4 1066600
8/30/2012 41.57 41.6 40.98 41.09 780100
8/29/2012 41.54 41.82 41.44 41.75 815200
8/28/2012 41.58 41.94 41.36 41.68 980000
8/27/2012 42.2 42.22 41.48 41.54 1056700
8/24/2012 41.86 42.51 41.81 42.14 1097900
8/23/2012 41.99 42.35 41.82 42.04 909300
8/22/2012 42.27 42.42 42.05 42.17 1272600
8/21/2012 42.26 42.59 42.14 42.28 1156900
8/20/2012 42.8 42.8 42.15 42.24 1209100
8/17/2012 42.48 42.8 41.89 42.66 1534100
8/16/2012 41.5 42.43 41.43 42.4 1482700
8/15/2012 40.99 41.51 40.85 41.4 609600
8/14/2012 41.11 41.65 40.94 41.05 1387400
8/13/2012 41.13 41.33 40.9 41.01 1147800
8/10/2012 40.93 41.29 40.9 41.25 843700
8/9/2012 40.71 41.4 40.68 41 1527000
8/8/2012 40.59 41.23 40.5 40.93 2104600
8/7/2012 40.34 41.07 40.32 40.76 2185300
8/6/2012 39.35 40.72 39.25 40.34 2203300
8/3/2012 38.26 39.36 38.08 39.13 2363800
8/2/2012 36.87 37.86 36.61 37.81 1965800
8/1/2012 36.92 37.96 35.48 37.51 4906500
7/31/2012 39.77 39.99 39.17 39.6 2479700
7/30/2012 39.93 40.48 39.29 39.52 1893200
7/27/2012 40 40.11 39.18 39.76 1922400
7/26/2012 39.84 40.42 39.4 39.92 1069200
7/25/2012 38.71 39.43 38.58 39.13 1218100
7/24/2012 39.31 39.44 38.52 38.75 1632900
7/23/2012 39.64 39.72 38.56 39.3 1595300
7/20/2012 40.88 40.88 40.23 40.42 1012800
7/19/2012 40.66 41.27 40.54 40.83 1302100
7/18/2012 39.17 40.94 39.09 40.6 1112200
7/17/2012 39.47 39.62 38.85 39.51 717200
7/16/2012 39.29 39.48 38.86 39.32 1218100
7/13/2012 39.02 39.61 38.94 39.53 1245300
7/12/2012 39.15 39.33 38.76 39.07 1199600
7/11/2012 39.64 40.1 39.21 39.45 1108700
7/10/2012 40.34 40.6 39.44 39.64 1340900
7/9/2012 40.47 40.61 39.82 40.18 1689500
7/6/2012 41.92 42.12 40.33 40.67 2169000
7/5/2012 42.38 42.8 41.97 42.18 1235000
7/4/2012 42.29 42.29 42.29 42.29 0
7/3/2012 42.91 42.94 42.04 42.29 1223400
7/2/2012 43 43.6 42.44 42.58 1157800
6/29/2012 42.14 42.7 41.81 42.68 1657200
6/28/2012 41.5 41.64 40.95 41.53 733700
6/27/2012 41.69 42.04 41.39 41.71 1079600
6/26/2012 41.83 42 41.45 41.52 1325900
6/25/2012 42.67 42.72 41.73 41.78 1405400
6/22/2012 42.32 43.02 42.32 42.9 1898100
6/21/2012 43.77 43.99 42.18 42.32 2368500
6/20/2012 43.94 44.2 43.68 43.96 1455100
6/19/2012 44.3 44.69 43.64 43.83 1695400
6/18/2012 43.69 44.32 43.45 44.01 1407300
6/15/2012 43.07 43.85 42.92 43.76 2489400
6/14/2012 43.31 43.65 42.68 43 2866600
6/13/2012 43 43.73 42.52 43.44 2176800
6/12/2012 42.48 43.29 42.3 43.25 1772100
6/11/2012 43.67 43.78 42.38 42.47 1672800
6/8/2012 43.36 43.84 43.21 43.7 1416100
6/7/2012 44 44.07 43.32 43.71 2255900
6/6/2012 42.52 43.71 42.36 43.71 1886000
6/5/2012 41.24 42.38 41.23 42.23 1126500
6/4/2012 42.04 42.86 41.27 41.71 1466500
6/1/2012 41.73 42.56 41.62 41.89 2829900
5/31/2012 43.12 43.12 41.77 42.32 3210800
5/30/2012 43.36 43.38 42.83 43 1445800
5/29/2012 44.05 44.29 43.27 43.86 1788200
5/28/2012 43.69 43.69 43.69 43.69 0
5/25/2012 43.15 44.16 43.01 43.69 2365600
5/24/2012 43.19 43.24 42.44 42.97 2489100
5/23/2012 42.37 43.51 42.01 43.39 2624200
5/22/2012 42.9 43.01 42.47 42.73 1839100
5/21/2012 41.59 43.18 41.49 42.96 2735200
5/18/2012 42.52 43.05 41.54 41.66 4568800
5/17/2012 43.5 43.7 42.35 42.38 2546500
5/16/2012 44.5 44.5 43.29 43.3 5806700
5/15/2012 43.75 45.7 42.88 44.51 9349900
5/14/2012 42.03 44.35 41.73 43.92 7045700
5/11/2012 40.11 40.93 40.07 40.4 1823400
5/10/2012 38.97 40.68 38.97 40.28 3679900
5/9/2012 39.46 40.15 39.08 39.71 2542600
5/8/2012 39.81 39.92 39.13 39.86 2381000
5/7/2012 39.9 40.33 39.86 40.06 1631100